Next-Gen Communication Protocols Market By Technology (Wireless Communication Technologies, Wired Communication Technologies) , By End User (Telecom, Consumer Electronics, Military and Surveillance, Enterprise Application, Automotive, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Next-gen Communication Protocols Market
The next-gen communication protocols market was valued at $45.8 billion in 2023 and is projected to reach $259.3 billion by 2032, growing at a CAGR of 20.9% from 2024 to 2032.
Next-gen communication protocol is a standard established to enhance efficiency and connectivity in data transmission. It addresses the challenges associated with conventional communication procedures and amplifies the capabilities of the Internet of Things (IoT), data networks, and telecommunications. The key attributes of next-gen communication protocol include its scalability, interoperability, high throughput, low latency, and adaptability. The protocol is transforming the connection among devices by facilitating seamless communication without degradation in the performance of equipment.
Increase in demand for high-speed internet for gaming and video-streaming is a key driver of the next-gen communication protocols market. In addition, rise in the penetration of IoT-based devices and smart technology has necessitated the adoption of protocols for effective communication. Furthermore, expansion of the 5G and 6G network infrastructure is propelling the market development as next-gen communication protocols ensure low latency and enhanced network performance. An emerging trend expected to gain significant prominence in the market in coming years is the integration of the capabilities of IoT into the communication protocol. IoT-based protocols such as message queuing telemetry transport and constrained application protocol are acquiring traction as they cater to the requirements of low-power & low-bandwidth devices for various applications.
However, assimilation of latest techniques into existing devices to ensure they comply with next-gen communication protocols is a complex procedure. This requires considerable capital investment, which hampers the growth of the market. Moreover, uncertainty among users due to cybersecurity concerns restrains the market development. On the contrary, exponential growth in the adoption of zero trust architecture (ZTA) across organizations is anticipated to present lucrative opportunities for the market. Gartner—an American research and advisory firm—predicts 10% of the big enterprises globally to embrace a mature ZTA by 2026. This is projected to present new avenues for the market as next-gen communication protocols are poised to transform the security landscape, which is a critical aspect of ZTA.
Segment ReviewThe next-gen communication protocols market is segmented into technology, end user, and region. On the basis of technology, the market is bifurcated into wireless communication technologies and wired communication technologies. Depending on end user, it is divided into telecom, consumer electronics, military & surveillance, enterprise application, automotive, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of technology, the wireless communication technologies segment dominated the market in 2023.
Depending on end user, the telecom segment held a high share of the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players of the global next-gen communication protocols market include AT&T Inc., Verizon, Huawei Technologies Co., Ltd., Nokia, Qualcomm, Ericsson, NTT DoCoMo, SK Telecom, ZTE Corp., and Samsung. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy TechnologyWireless Communication Technologies
Wired Communication Technologies
By End UserTelecom
Consumer Electronics
Military and Surveillance
Enterprise Application
Automotive
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersAT&T Inc.
Verizon
Huawei Technologies Co., Ltd.
Nokia
Qualcomm
Ericsson
NTT DoCoMo
SK Telecom
ZTE Corp.
Samsung